BTCUSD: CLEAR CUT SIMILARITIES FROM 2015 CORRECTION
As shown in the chart it looks as if the last BTCUSD correction formed a pennant after it hit its bottom, we are now seeing the same pattern print.
In 2015, we had 2 rejections on the 50 day EMA. We now have 3 rejections with the last one being a consolidation that we are currently in.
In 2015, we had dropped around 50% to our bottom, if the bottom is in, we have dropped 50% as well.
What makes this even more striking is that in 2015, we consolidated right around the 50 level on the RSI before breaking through the 50 day EMA. We are now currently consolidating on the 50 level RSI as well.
Bullish news keeps coming out left and right as well.
In 2015, we had 2 rejections on the 50 day EMA. We now have 3 rejections with the last one being a consolidation that we are currently in.
In 2015, we had dropped around 50% to our bottom, if the bottom is in, we have dropped 50% as well.
What makes this even more striking is that in 2015, we consolidated right around the 50 level on the RSI before breaking through the 50 day EMA. We are now currently consolidating on the 50 level RSI as well.
Bullish news keeps coming out left and right as well.
Comment:
WE have broke out with conviction. Pattern played out perfectly. We still look bullish. Brace for more possible upside.
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